(wire)
Composite P&C rates down 4% in January
Composite rates fell 4 percent in the U.S. property casualty sector during January, according to MarketScout.
According to chief executive officer Richard Kerr, "The current soft market cycle seems to have no end. We are in the market doldrums and will be here until something changes. Insurers must be patient. Rates will adjust, but nothing will happen quickly without a cataclysmic event of significant magnitude."
Meanwhile, the composite rate remained at minus 4 percent, while rates for service, public entities and energy decreased.
In addition, directors and officers liability fell back, suffering an average rate decrease of 2 percent for January 2010.
According to chief executive officer Richard Kerr, "The current soft market cycle seems to have no end. We are in the market doldrums and will be here until something changes. Insurers must be patient. Rates will adjust, but nothing will happen quickly without a cataclysmic event of significant magnitude."
Meanwhile, the composite rate remained at minus 4 percent, while rates for service, public entities and energy decreased.
In addition, directors and officers liability fell back, suffering an average rate decrease of 2 percent for January 2010.
